The sharp upmove on the counter, which is under corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016, had made the stock exchange seek explanation from the company over the price movement. To this, the company had on Monday said that there was no such event that required disclosures to be made under Regulation 30 of Sebi (LORD) Regulations, 2015.
To be sure, the company has not been in operation since September, 2016. The net worth of the company has already been eroded.
Tayo Rolls has been a subsidiary of Tata Steel since December 2008. Tata Steel owned 55.24 per cent stake in this stock as of September 30. Overall, the promoters held 73.21 per cent stake in this company in the quarter gone by. The company is promoted in collaboration with Yodogawa Steel Works and Nissho Iwai Corporation of Japan.
The company was engaged in the production of cast iron and cast steel rolls for metallurgical industries and was also engaged in forged rolls, engineering forgings and ingots. At present, the company’s affairs, business and assets are being managed by resolution professional Anish Agarwal.
The Tata Group has 29 listed companies, out of which Tayo Rolls with 123 per cent return has been the best performing stock in October so far. TCS, the most valued Tata Group stock, has been the worst performer this month with a 4 per cent fall.
